The CAC 40 slipped 0.5% to 8,310 on Monday, retreating from last Friday’s record high amid renewed concerns over the Fed’s independence. Fed Chair Jerome Powell said the US central bank had received a grand jury subpoena from the Department of Justice, raising the prospect of criminal action. Banking stocks fell after Trump called for a one-year credit card rate cap, with Société Générale down 2.3%, BNP Paribas 1.4%, and Crédit Agricole 1.2%. Capgemini led the losses, sliding 3.6% after Morgan Stanley downgraded the stock to “Underweight” and cut its target price to €142 from €145. Engie edged down 0.2% following a share buyback program to repurchase up to 2.2 million shares starting January 12. On the upside, Saint-Gobain rose 1.5%, followed by Thales (+0.9%), L’Oréal (+0.8%), and Eurofins Scientific SE (+0.7%).
